6/9/09

Don't Fly Blind

I was doing a little planning today involving back up systems in case of hardware and software failure, and it hit me. I talk a lot about price trends, but some people probably don't know where to go to get free charts that are readily available online.

When trading and investing, the news is not what is important. In fact, as many legends in the field, including Ed Seykota in a song posted recently, recommend filing the news in the trash bin. Objectivity requires we turn to price action itself. This is true whether we are trading/investing on the very long term or very short term. Even if you find that you have a psychological need to know the "news" surrounding the markets, the price trend should be respected in your executions of entry and exit. It is the supply and demand of the market we are interested in, not what some talking heads believe, or want us to believe, might affect that supply and demand. The market's final say on supply and demand for the investment vehicle is reveled in price action and price action alone, while the talking heads are usually wrong anyway.

Here are some decent free chart sites that can help anyone wishing to look at the markets and past the hype:

www.quote.com
www.timingcharts.com
www.futures.tradingcharts.com
www.barchart.com
www.bigcharts.com

You will need to play around on the sites a bit to figure out how to use each one the best regarding your personal preferences and markets.. These chart sites can also help you as an emergency back up or even a primary charting platform for trend following trades. Some of the sites will focus on Futures markets, some Stocks, and some will have both. For more advanced technical analysis, you will probably need to upgrade. Just remember that generations before us simply used graph paper, pencil and ruler. Ed Seykota used computer punch cards before some of us were even born!

Here is a sample of a free chart of the Globex EURO futures contract (continuous contract) from www.timingcharts.com as an example of what you can find on the web:

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